Financing Options
Tuition Due Dates:
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Spring 2010 semester: December 15, 2009
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Summer 2010: May 15, 2010
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Fall 2010 semester: August 1, 2010
PAYMENT PLAN
A ten month interest-free payment plan is available through TMS (Tuition Management Systems, a Key Corp.) for full-time undergraduates and graduate students enrolled in one of the full-time programs (DPT, IPCR*, GC, PA, Forensic Science). Families may call 1-888-210-5765 to enroll or may also do so on-line at www.afford.com. The plan runs from June through March and there is a $55 application fee to join. June 1 is the start date for the 10 month plan, July 1 is the start date for the 9 month plan and August 1 is the start date for the 8 month plan. August 31, 2010 is the deadline to join the TMS Payment Plan for the fall 2010 semester.
Part-time students can join the 10 month plan starting June 1 but may also elect a 3-installment payment plan through TMS. Deadline to join the 3 month plan through TMS is August 1, 2010 for fall 2010.
*provided student is enrolled full-time in the IPCR Program
LOAN OPTIONS
Federal Direct Stafford Loan
Available to all matriculating students enrolled at least half-time, regardless of need, provided they are a U.S. citizen or permanent resident and are not in default on previous federal loans. Annual loan amount is determined by the student's grade level. Students entering spring 2009 and forward will have their Stafford Loans processed through the Federal Direct Stafford Loan Program.
Maximum annual loan limits based on grade level for dependent undergraduate students are as follows:
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$3,500 Subsidized* + $2,000 Unsubsidized: Freshmen (0-26 credits earned)=$5,500 TOTAL
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$4,500 Subsidized* + $2,000 Unsubsidized: Sophomore (27-56 credits earned)=$6,500 TOTAL
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$5,500 Subsidized* + $2,000 Unsubsidized: Junior/Senior (57 + credits earned)=$7,500 TOTAL
*Whether loan is Subsidized is based on financial need as determined by the FAFSA. If student as no financial need, total annual Unsubsidized Stafford Loan eligibility would be: $5,500 as a freshman, $6,500 as a sophomore, $7,500 as a junior or senior.
Maximum annual loan limits per grade level for independent undergraduate students or for dependent undergraduate students whose parents are denied on the federal PLUS Loan are as follows:
- Freshman: $3,500 Subsidized* Stafford + $6,000 Unsubsidized Stafford=$9,500 TOTAL
- Sophomore: $4,500 Subsidized* Stafford + $6,000 Unsubsidized Stafford=$10,500 TOTAL
- Junior & Senior: $5,500 Subsidized* Stafford + $7,000 Unsubsidized Stafford=$12,500 TOTAL
*Whether loan is subsidized or unsubsidized is based on financial need.
Student is the primary borrower and repayment is deferred until six months following graduation, provided the student remains enrolled at least half-time. Standard repayment term is 10 years. Students with financial need may be eligible for a subsidized Stafford Loan (i.e.-federal government pays the interest on the loan while the student is enrolled). Students that take the Unsubsidized Stafford Loan have the option of making quarterly payments on the interest if they desire. The interest rate is presently fixed at 6.8%. The interest rate on Subsidized Stafford Loans for undergraduates only is 5.6% for the 2009-10 academic year (effective July 1, 2009). The Direct Loan origination fee effective July 1, 2009 will be 1.5% with a Direct Loan up-front interest rebate amount of 1%. The calculation of the combined fee/interest rebate amount reduces the total loan amount paid to you by 0.5%. No default fee is charged on Direct Stafford Loans.
Example: A student borrowers a $5,500 Federal Direct Stafford Loan for the year. Net proceeds a student will receive on a $5,500 Stafford Loan=$5,472.50, split over two disbursements, once the .5% origination fee is deducted.
To keep the up-front interest rebate, a borrower must make his/her first twelve required monthly payments on-time.
To Apply for a Federal Direct Stafford Loan for Summer 2009/Fall 2009/Spring 2010:
1. Complete a 2009-2010 Undergraduate Student Federal Direct Stafford Loan Acceptance Form at www.arcadia.edu/finaidforms.
2. Complete the Federal Direct Stafford Loan MPN* at www.dlenote.ed.gov. (click on New MPN for Student Loans.) Federal PIN required.
3. Complete a Federal Direct Stafford Loan Entrance Interview* at www.dl.ed.gov/borrower. (Click on Entrance and Exit Counseling, then Entrance Counseling again).
Students that enrolled at the University prior to Spring 2009 can still choose to borrow their Stafford Loan through a lender (bank) by simply completing the 2009-10 Undergraduate Student Stafford Loan Acceptance Form at www.arcadia.edu/finaidforms or they can choose to go through the Federal Direct Stafford Loan Program; however, by choosing the second option, students should recognize that if they had prior Stafford Loans, they will receive more than one bill once they go into repayment (unless consolidation is elected). Information on the Direct Loan Program is available at http://www.ed.gov/offices/OSFAP/DirectLoan/student.html.
*Required only for first-time Federal Direct Stafford Loan borrowers.
**For student borrowers who entered prior to spring 2009 and borrow through a lender, Arcadia's partner Stafford lenders were selected on the basis of an annual review which evaluates service, ease of processing and competitiveness of loan products available when compared, point-in-time, to other products on the market. See Arcadia's Lender Partnership Code of Conduct for more information.
Federal Direct Parent PLUS Loan
These federal, educational loans are available to credit-worthy parents of dependent students, regardless of financial need, and are borrowed directly through the University and the U.S. Department of Education (no lender/bank required). Parents can borrow up to the cost of attendance minus other financial aid received. Repayment begins within 60 days of the second disbursement arriving at the Institution (2nd disbursement typically arrives in January so repayment begins in March). PLUS Loans can be deferred upon request for up to four years while the student is enrolled half-time on the undergraduate level. To request a deferment on a Direct Parent PLUS Loan, you must call Direct Loan Servicing at 1-888-877-7658. Repayment period on the PLUS Loan is ten years. The interest rate on a federal Direct PLUS Loan is fixed at 7.9% (versus 8.5% on PLUS Loans borrowed through banks). The Direct PLUS Loan origination fee effective July 1, 2009 will be 4.0% with a Direct Loan up-front interest rebate amount of 1.5%. The calculation of the combined fee/interest rebate amount reduces the total loan amount paid to you by 2.5%(versus 3-4% on PLUS Loans borrowed through banks). This up-front interest rebate repayment incentive is retained by the borrower as long as he/she makes the first 12 payments on-time.
To apply for a Federal Direct PLUS Loan:
1. Complete a Federal Direct Parent PLUS Pre-Approval Form at www.arcadia.edu/finaidforms. (This enables the University to perform a credit-check on borrower's behalf.)
2. Complete a Federal Direct PLUS MPN* (Master Promissory Note) online at www.dlenote.ed.gov. Federal PIN required.
The results of the PLUS Loan credit check will be emailed to the parent directly from the Financial Aid Office once the credit check is performed. Please note that because credit checks are only valid for 90 days, the earliest we will run a PLUS credit check is 90 days before the semester begins. In the event that a parent of a dependent undergraduate student is denied for the PLUS Loan on the basis of his/her credit, the federal government automatically allows the student to apply for an additional Unsubsidized Federal Stafford Loan that would be in his/her name, of $4,000/year as a freshman or sophomore; $5,000/year as a junior or senior (amounts effective July 1, 2008). A parent must apply for the PLUS Loan and be denied annually for student to qualify.
Parents whose students enrolled at the University prior to Spring 2009 can still choose to borrow their PLUS Loan through a lender (bank) if they previously did so to maintain single point of billing/servicing, or they can choose to go through the Federal Direct PLUS Loan Program. Information on the Direct Loan Program is available at http://www.ed.gov/offices/OSFAP/DirectLoan/student.html.
*Only required for first-time Federal Direct PLUS borrowers. MPN is good for up to ten years.
Private Alternative Student Loans
Alternative student loans are available to assist students who are not eligible for the federal Stafford Loan or who may need additional financing beyond the Stafford Loan to fund their education. Students may borrow up to the cost of attendance, minus other financial aid received. Loan approval is generally based on creditworthiness and ability to repay. To apply, the student must be enrolled at least half-time as a matriculating student in a degree or certificate program and making satisfactory academic progress. The student is the primary borrower although a creditworthy co-signer is required if the student does not have a credit history of his/her own. The interest on most alternative loans accrues while the student is in school; however, it can be deferred in many cases until after graduation or when the student ceases to be enrolled at least half-time. The chart below offers a few examples of alternative loans available and is not comprehensive. Students may choose to borrow through any lender, not just those listed below. Careful consideration should be made in determining the amount to be borrowed, taking into consideration the interest rate, possible fees, deferment option and repayment term of the loan. Apply on-line or over the phone.
|
Loan Program |
Interest Rate |
Fees |
Repayment Term |
How To Apply, on-line or via phone: |
| CitiAssist Loan |
Rate based on credit-worthiness and cosigner presence:
As low as three-month LIBOR + 4.75*, based on
credit rating and cosigner presence, but up to three-month LIBOR + 11.5% |
As low as zero percent (depends on credit)
Co-signer release after 24 consecutive, on-time payments
May be enrolled less than
half-time
Based upon credit-worthiness
Satisfactory academic progress
not required
|
Up to 20 years
0.25% interest rate reduction for auto debit (must enroll and only receive statements electronically)
.50% interest rate reduction after 48 on-time payments
|
Citibank
1-800-967-2400
www.studentloan.com/
schools/Arcadia |
| Wells Fargo Collegiate Loan |
As low as Prime + 1% based on credit
Based upon credit-worthiness |
No Fees
May be enrolled less than half-time
Satisfactory academic progress not required
Available for past due balances up to 12 months from last day of attendance
Student and /or creditworthy cosigner
Cosigner release option available after 24 monthly on-time payments |
6-month grace period
15 year repayment term
Interest is capitalized once at repayment
Forbearance available |
Wells Fargo Education Financial Services
1-800-658-3567
www.wellsfargo.com/student |
| Discover Student Loan |
Range: Prime +1% to
Prime + 7.75%
0.25% interest rate reduction with auto-debit
Graduation Reward-2% of outstanding principle
balance (must be requested upon graduation) |
No Fees
Cosigner is advised for undergraduate
borrowers with limited credit; No cosigner release
Undergraduate and Graduate half-time students enrolled
Must be a U.S. citizen or permanent resident
International students require a social security number and U.S. cosigner |
20 years after 6-month grace period and 15 year repayment term for undergraduate students
9-month grace period (following graduation; 6 months after dropping less than half-time) and
20 year repayment term for graduate students
Automatic in-school deferment |
1-877-728-3030
www.discoverstudentloans.com |
|
Sallie Mae SMART Loan
(effective 3/23/09) |
1-Month LIBOR + 4% to 1-Month LIBOR + 12.5%
No repayment fees
*Prior Signature Loan borrowers who qualified for the Education Funding Pledge will be continued through the Signature Loan Program if they borrowed with the same cosigner. |
A disbursement fee ranging from 0-3%
Co-signer release after successful completion of education
International students with credit-worthy U.S. cosigner can apply |
Repayment term based on cumulative outstanding Sallie Mae-serviced private student loan balances and the student’s academic grade level.
A 0.25 percentage point interest rate reduction with automatic-debit
|
Sallie Mae
1-800-695-3317
www.salliemae.com/smartoption |
| Chase Select Loan |
For current interest rates, visit http://www.chaseselectloans.com/aprexample.aspx. Rates and other product features are subject to change.
As of 5/23/09, rates with a co-signer range from:
LIBOR (1.32)+ 4.65%=6.07% up to LIBOR (1.32) + 10.25%=11.57% |
No Fees
Be enrolled in a degree or certificate program at a school approved by Chase
Be a U.S. citizen or permanent resident (or obtain a cosigner who meets such criteria)
There are no minimum enrollment requirements: you can be enrolled full-time, half-time or less than half-time (note-graduate students must be enrolled at least half-time), and current enrollment is not required to apply for funds to pay previous school balances less than 12 months old.
Satisfactory Academic Progress is not required.
Can be used for past due/outstanding balances incurred within previous 12 months. |
No origination or repayment fees; 6-month grace period
20-year term for loan amounts up to $30,000
25-year term for loan amounts of $30,000 or more
Interest is capitalized once at repayment |
1-866-306-0868
www.ChaseSelectLoans.com |
*As of 7/28/09, current prime rate=3.25%. 3-month LIBOR=.49%. 1-month LIBOR=.28%. Go to www.bloomberg.com/markets/rates for the current prime rate as it changes quarterly.
Questions?
For financial aid information, contact the Financial Aid Office:
For billing or loan refund information, contact the One-Stop Shop:
